Eligible individuals can receive retroactive payments of up to $1,190 as part of the Social Security Fairness Act, aimed at correcting past underpayments.
The payments are directed at certain Social Security recipients, particularly those affected by outdated rules regarding benefit calculations.
The retroactive payments aim to fix issues with the Windfall Elimination Provision, which reduced benefits for people who worked in both private and public sectors.
This is a one-time retroactive payment, which will be issued to those who qualify under the new adjustments set by the Social Security Fairness Act.
Beneficiaries who have been impacted by the WEP may notice a significant increase in their payments, potentially improving their financial security.
The retroactive payment is determined based on the amount of underpayment owed to each eligible individual from previous years.
To qualify, individuals must meet specific criteria related to past employment history and Social Security benefit calculations under the WEP.
Retroactive payments are expected to be issued in 2025, with most recipients seeing the funds deposited into their accounts during the year.